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Streaming Analytics Market size was estimated at USD 13.3 billion in 2021 and is expected to reach USD 77.3 billion in 2029, growing at a CAGR of 24.6% over the forecast period 2022-2029, attributed to growing data-connectivity through hybrid and multi-cloud environments.
Key Streaming Analytics Market Trends and Drivers
Global streaming analytics market is primarily driven by rising digitalization around the world, growing adoption of advanced technologies like Big Data and Artificial Intelligence (AI), shift towards real time accurate predictions and huge volumes of data generated across end-use industries like BSFI, Telecommunication and Retail. Streaming analytics is gaining traction in almost every industry vertical as it offers real time streaming of data, which facilities decision making process. Businesses are increasingly adopting streaming analytics software as it helps them in making processing and analysing huge volumes of data, which helps in understanding trends and patterns. Integration of streaming analytics software with systems like inventory management systems, allows companies to make accurate predictions by analysing factors like inventory levels and customer demand. Surge in the demand for solutions which can help in capturing real-time events for real-time data decision making, is driving streaming analytics market.
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Some of the streaming analytics use cases are fraud detection, retail or warehouse inventory management, log monitoring and marketing and business analytics. Additionally, major vendors in the market are focussing on partnering or collaborating with each other to gain competitive edge over other players. For instance, Yellowbrick Data Hybrid cloud data warehouse company based in United States in June 2020 entered into a partnership with Striim, to boost the deployment of data-streaming applications and help companies to collect better insights.
Streaming analytics software are increasingly used in the retail sector to predict supply chain visibility. Increasing fraud cases in the retail industry, is boosting the demand for streaming analytics software. According to National Retail Security Survey conducted by National Retail Federation, on an average retailers witnessed 26.5% increase in organized retail crime activities in 2021. Adoption of streaming analytics can potentially reduce organized crimes in retail industry as it can identify fraudulent transactions in real-time, monitor surveillance footage in real time and detect potential threats before even they occur by using predictive analytics. However, growing concerns related to data security and privacy are restricting the streaming analytics market growth.
Based on Component, Services segment is forecast to grow at a faster rate.
Volumes of data generated by companies in different industries is increasing rapidly due to the adoption of Internet of Things (IoT) based technologies, which is turn is accelerating the demand for streaming analytics software.
streaming analytics software market is driven by growth adoption of streaming analytics software by large size companies for analysing unstructured, video, text and geospatial data. These software helps in understanding key performance indicators and metrics, which is propelling its adoption rate.
Based on Region, Asia-Pacific region is expected to grow at a faster CAGR.
Asia-Pacific streaming analytics market is driven by growing awareness amongst small and medium enterprise about the benefits offered by streaming analytics solutions, advancements in new technologies and rising government investments.
Top Market Players:
Some of the notable players operating in the streaming analytics market are Informatic Corporation, SAS Institute Inc., Sqlstream Incorporated, IBM Corporation, SAP SE, Microsoft Corporation, Impetus Technologies, Oracle Corporation, Tibco Software Inc., and Software AG, among others.
Segmentation by Component
Segmentation By Deployment
Segmentation By Application
o Fraud Detection
o Sales and Marketing
o Risk Management
o Location Intelligence
o Supply Chain Management
Segmentation By Verticals
o Government and Defense
o IT and Telecommunication
o Transportation and Logistics
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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